IRL lays off 25% of workforce

IRL (In Real Life), a SoftBank-backed social messaging unicorn that is particularly popular among teenagers in the United States, has stated that 25% of its team will be laid off due to market factors. "We have all seen the situation of the market," IRL CEO and co-founder Abraham Shafi wrote in a memo to workers.

Shafi said, "The world is going through a collective struggle of inflation, higher cost of goods, layoffs, school shootings, and many experiencing loneliness and depression. Exercising discipline and adaptation to our current environment means moving from a 100-person team to a 75-person team."

Continue year, the firm raised $170 million in Series C funding sponsored by SoftBank, valued at $1.1 billion, and stated that it has "more than enough capital to last far into 2024."

Shafi commented, "Now is the time to be offensive, diligent, and proactive. Whatsapp was able to grow to 450 million users with a team of 55. I am inspired by that and I believe we will forge our own amazing story with a small but incredibly amazing team."